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New Member
posted Apr 21, 2021 6:17:55 PM

Is the $40 Turbotax fee a tax deductible expense?

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1 Replies
Level 2
Nov 4, 2021 8:53:08 AM

For Canadian tax payers, the cost of tax prep software (such as turbotax) are only deductible under certain conditions:
1.  If you’re self-employed or earned rental income, accounting and tax prep software expenses are considered eligible business/rental deductions.
2.  Commission employees may claim accounting fees and the cost of tax prep software as employment expenses. As with other employment expenses, have your employer complete and sign a Form T2200, Declaration of Conditions of Employment.
I suggest you to check the turbotax post on this matter. 
 
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